Discussion at this month’s TEN gathering focused on a topic familiar to many business owners, especially to those whose businesses have experienced significant growth in a short period of time: the identity crisis.

Here’s the situation: if your company has grown quickly through the addition of multiple products or services, and each one targets a distinct audience, should you:

Create multiple brands for each product and service?

or

Operate with one brand that encompasses all aspects of your business?

With a brand for each product or service, you might be able to speak more directly to each of your target audiences, but with one all-encompassing brand, you have the opportunity to carry more weight in the marketplace and take advantage of cross-promotional opportunities.

Realistically, the arguments for and against each option varies greatly depending on your product mix, audience segments, and current and desired position in the market place. But two important points emerged from the TEN discussion:

1. An identity crisis—not knowing who you are as a company—is typically a symptom of not knowing how you are perceived by your clients and target audience(s).
2. An identity crisis is also a symptom of not clearly knowing where you want to be in the future.

Business owners that find themselves in the midst of an identity crisis should pause, and take a step back to re-evaluate their business. Take a brief time-out to reset the bricks and mortar so that your business has the support to continue growing in a way that is both manageable and profitable.

During this pause, inform yourself:

• Find out what your audience thinks of you, how they find you, and what they really need from you. (You might be surprised to find that you’re over-valuing your current brand.)
• Think about your goals as a company; where do you want to be in five years, ten years? (Just because you can, doesn’t mean you should.)

Once you’ve established a plan for where you want to take your business, and armed yourself with accurate knowledge about how your business is perceived in the marketplace, you will be able to make an informed decision about which direction to take your brand(s).